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12 Cards in this Set
- Front
- Back
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Strategic Management |
An integrative management field that combines analysis, formulation and implementation in the quest for competitive advantage. |
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Strategy |
The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors |
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Competitive Advantage |
Superior performance relative to other competitors in the same industry average. |
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Sustainable Competitive Advantage |
Outperforming competitors or the industry average over a prolong period of time |
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Competitive Disadvantage |
Underperformance relative to other competitors in the same industry or the industry average. |
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Competitive Parity |
Performance of two or more firms at the same level |
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Vision |
A statement about what an organization ultimately wants to accomplish; it captures the company's aspiration |
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Mission |
Description of what an organization actually does-- the products and services it plans to provide, and the markets in which it will compete |
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Organizational Core Values |
Ethical standards and norms that govern the behavior of individuals within a firm or organization |
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Strategic Leadership |
Executives' use of power and influence to direct the activities of others when pursuing an organization's goals |
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Stakeholders |
Organizations, groups, and individuals that can affect or are affected by a firm's actions |
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Corporate Social Responsibility (CSR) |
A framework that helps firms recognize and address the economic, legal, social, and philanthropic expectations that society has of the business enterprise at a given point in time |
